(5) An investor owns a $3,000 par-value 12% bond with semiannual coupons. The bond will mature at par at the end of fourteen years. The investor decides that a ten-year bond would be preferable. Current yield rates are 6% convertible 7The yearly rate will be equal to the rate produced by the Bond worksheet if we use 365.3463816 in- stead of 365.25. The interval October 3, 1998 May 30, 2004 includes two February 29th's so the estimate 365.25is slightly lower than the average number of days in a year during the period October 3, 1998-May 30, 2004 ased from American Mathematical Society for the exclusive use of William Stricklin (stwlxo) right 2017 American Mathematical Society. Duplication prohibited. Please report unauthorized use to cust-serv k You! Your purchase supports the AMS mission, programs, and services for the mathematical community 294 Chapter 6 Bonds semiannually. The investor uses the proceeds from the sale of the 12% bond to purchase an 8% bond with semiannual coupons, maturing at par at the end of ten years. Find the face value of the 8% bond